Some of the Analysts target $120 as the next level for Ethereum’s price. Same as the bearish action concerning the price of Bitcoin falling from $10,600, Ethereum (ETH) is suffering from a big selling pressure over the past few weeks as we are seeing today in the Ethereum latest news.
Analysts are observing that Ethereum could suffer even further losses in the near future; some analysts target in the upper $120 region that could be supported by the fact that the last yearly quarter is that period of the year in which Ethereum historically has its largest losses. While writing this article, Ethereum was trading 7% below from its current price which signifies a big fall from its daily highs of over $160.
From the moment it failed to go above $190, Ethereum was caught in a strong downtrend, noting that ETH was unable to gather any important upward momentum since it was rejected at $190, owing to this largely to its close connection with Bitcoin. There’s the possibility that there could be a near-term support level that will provide some major relief to the ETH price action because the altcoin dropped today to $140 before gathering some buying pressure.
As noted on Twitter, Ethereum managed to break the lower boundary of the descending triangle thus opening the possibility for ETH to fall to $126 in the near future, as The Cryptomist, a well-known crypto analyst stated:
“$ETH: Descending triangle is completed! This pennant typically breaks down as displayed. I think we could see $126-$130 region”
It may seem like the forecast by The Cryptomist is unlikely, but it is important to remember that Ethereum from December of 2018 is still going up from lows of $83. Having in mind that ETH has historically seen a 40% price decline during negative quarters, we can say that the notion of continued downtrend by Ethereum is historically supported, meaning that it may fall to $108 in the upcoming months. On Twitter, another famous cryptocurrency analyst Josh Olszewicz, noted the possibility, in a recent tweet, by pointing to the charts that show the historical returns each quarter by saying:
“Historically – Q4 has been $ETH’s worst quarter – $ETH negative quarters have averaged -40% (= $108 for current quarter)”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]